adminThe scheme is relatively flexible as compared to the yesteryear pension fund whereby a pensioner is paid one third of the total sum with the rest being paid monthly.
The scheme applies to all workers as well as small to medium enterprises (SMEs) and large corporates.
In an interview, First Mutual employee benefits manager Mr Augustine Madondo said they had rolled out the scheme due to the changing working environment.
“As First Mutual we decided to roll out the hybrid provident pension scheme because of the changing working environment that has seen many people prefering to go on early retirement.
“Most people would want to start self sustaining projects and they can safely do so if they are covered by the scheme and benefits associated with it,” he said.
Mr Madondo also said the hybrid pension scheme had generated a lot of interest from big companies, SMEs and individuals.
“The contribution scales differ due to affordability but the response the scheme has been receiving is overwhelming. For SMEs and individuals who cannot afford we can negotiate and scale down the contributions to suit their conditions,” said Mr Madondo.
He said employers could be covered by group life assurance where they will be paid money that would have accumulated under the scheme in the event that they pass on before retirement.
Mr Madondo urged everyone who wished to be covered under the hybrid provident pension fund to join, as it had no hassles especially when one wanted to retire early.
“This is the most perfect scheme especially for people who would want to retire early because it just pays you what would have been accumulated during your working days.
“Gone are the days when one had to wait until they reached a certain age to get their pension,” he said.
Online Reporter